The Economists' Diet: The Surprising Formula for Losing Weight and Keeping It Off - Softcover

Christopher Payne is an economist with expertise in banking and finance. Originally from London, he holds a PhD from the London School of Economics. Currently living in the Middle East, he has previously worked, among other places, at Bloomberg, JPMorgan, and PriceWaterhouseCoopers. Along with Rob Barnett, he is the coauthor of The Economists’ Diet. His first book was The Consumer, Credit and Neoliberalism.

Rob Barnett is a senior analyst at Bloomberg Intelligence. He holds two postgraduate degrees, one in economics and the other in engineering. Prior to Bloomberg, Rob worked for a number of years at IHS Cambridge Energy Research Associates, one of the world’s leading energy industry consultancies. Rob’s area of expertise is the political economy of fossil fuels. Along with Chris Payne, he is the coauthor of The Economists’ Diet.

The Economists’ Diet INTRODUCTION

When most people think about economics, they think about interest rates, business planning, or talking heads commenting on monetary policy. But it’s much more than that: it’s a science of human decision making that can help you make better food choices and achieve lasting weight loss. As two successful dieters who also happen to be professional economists, we know that key economic principles underpin a set of easy-to-understand behavioral best practices—which we call microhabits—that will enable you to eat less in a world of constant temptation.

Of course, we expect that to many, the claim that economics provides the solution to our weight gain and obesity epidemic will come as a surprise. But it shouldn’t: after all, economics explains why so many people overeat in the first place. As food has become less expensive and more plentiful in the past half century, it’s become easier to consume more of it. With fewer budgetary constraints to keep our all-too-regular desires to eat in check, the result is an ever-increasing rate of people classified as obese or overweight.

In this environment, it’s no wonder that so many hopeful dieters become frustrated. For all the information out there about how to lose weight, dieting remains a seemingly unwinnable battle fought against a tsunami of cheap and abundant food. Thousands of books and articles have been written on the subject, and yet 70 percent of Americans are still either overweight or obese. You know the difference between good food and bad food. You know that you are eating and drinking more than you should. You know to avoid burgers and fries in favor of leafy greens and other veggies. You know what to do, but you still don’t do it.

And that’s exactly why we felt compelled to write this book and share with you our core message: losing weight and keeping it off are far more about behavior than nutrition.

This is, as you have no doubt figured out already, a different kind of diet book. We aren’t going to delve into the science of weight gain or provide strict meal plans that you must follow if you have any prayer of losing a pound. We’re not going to tell you that you should become a vegan or go on a juice cleanse or cut out all foods except kale and coconut water. We are not going to do this because you have likely heard it all before, and yet you’re still here. We were there, too. As of January 2018, we have, between us, eighteen years of experience with successful weight loss. Chris lost forty-five pounds over an eighteen-month period starting in 2004 and is, as he writes this, fifty-five pounds below his highest weight. Starting in 2014, Rob lost seventy-five pounds over a similar period and has successfully maintained his weight loss ever since. We might not be nutrition experts, but through our experience, we have developed what we believe is the most pragmatic and effective approach to losing weight, one that you won’t find in any other book.

And while you might assume that a diet plan rooted in the principles of economics would favor a lot of jargon or complex analyses, our diet plan is actually quite simple. The plain fact of the matter is that people gain weight by doing one thing and one thing only: eating too much food. While a few rare and incredibly fortunate people may be genetically inclined toward being thin, most slim people aren’t inherently different from fat people; they are thin because they behave differently. This is obvious from looking at data and trends; we also know it to be true from personal experience.

We, Rob and Chris, met while working at Bloomberg, a leading financial software, data, and media company. We were based in their Washington, DC, office, and our roles involved analyzing the business impact of government actions and regulations. Our careers and related lifestyles presented the same obstacles to healthy living that so many people face today: long days, endless stress, indulgent dinners, and an ample supply of cheap snacks. Outside of work, short of time but with plenty of disposable income, we chose to enjoy ourselves by frequently eating out and eating too much. In the process, we both went from normal to overweight and ended up clinically obese; in Rob’s case, severely obese. When we finally embarked on our own weight loss journeys, we recognized that we had neither the time nor the inclination to achieve the perfect bodybuilder physique; we just wanted to be healthy again.

We were once fat, but now we’re not. It hasn’t been easy, but losing weight has helped us feel happier, healthier, and generally better, and now we want to share our stories and know-how with you. We hope that by telling you our unique approach to weight loss, you will be able to shed your own poundage and keep it off for good. As you will discover, we are not interested in quick fixes or crash diets that help you to lose weight quickly only to gain it all back once you stop following the program. Extreme diets may sound good, but they are—as you probably already know from having tried them—difficult, if not impossible, to follow over the long term. In short, they are unsustainable.

Instead, what we provide in the pages that follow will enable you to make long-term improvements to your health by developing new microhabits to ensure dieting success for the rest of your life. If you are obese like we were, getting rid of those extra pounds could take eighteen months or more. For the average American, who is twenty-three pounds heavier than his or her desired weight,1 you’re looking at a diet taking at least six months. Either way, once you’ve lost the weight, you will have adopted a whole new approach to food: one that allows you to enjoy eating without all the stress of crash dieting.

Rather than subscribing to a particular food plan or program, we lost weight by applying what we know best—economics—to our waistlines. By carefully considering economic theories, real-world data, and our own personal experiences, we developed behavioral best practices that helped us control our impulses to overeat as well as approach food in a healthier way. For example, we think it’s time to abandon the idea of eating three square meals a day; and we strongly advocate weighing yourself at the start of each day, for reasons that we’ll soon explain.

Although this book is rooted in economics, we want to emphasize that this is not a theoretical guide to weight loss. It is a practical guide written by two individuals who have achieved lasting weight loss results. We designed the Economists’ Diet so that anyone can follow it, whether you have a PhD or barely understand the difference between supply and demand.

We know that losing weight is hard, because we’ve done it. And we know that keeping the weight off can often feel even harder. But we also know that it is possible and that the results are worth the effort. We hope that by reading this book, you will look at weight loss in a whole new light, and by applying our insights and advice to your own life, you will be able to make better decisions, form new habits, and achieve a healthier lifestyle for years to come.

We are rooting for you. If we can do it, so can you.


Fall 2003 220 pounds

Fat and not particularly happy about it.


Fall 2013 250 pounds


Winter 2007/8 174 pounds

Feeling much happier about our weight and our health.


Summer 2017 175 pounds

HOW WE GOT FAT

Before we launch into the practical elements of this book, we thought it would be helpful to share a little bit of our backstories so that you know how we arrived at the ideas we’re about to put forth. We also hope you can draw some inspiration from our success stories that will motivate you as you begin your weight loss journey.

We’ll start with Chris.

Chris’s Story

As of this writing, I, Chris, am forty-four years old and have maintained a healthy weight for more than ten years. Prior to losing forty-five pounds over a period of roughly eighteen months, I spent most of my adult life overweight (at times obese) and unhappy about it.

Even as a child growing up in Croydon, a suburb of London, I was aware that my weight was a problem. When I was about ten years old, my school conducted a survey of each student’s weight, and I was the heaviest person in the class. It didn’t really bother me that much at the time—I just knew I was bigger than my classmates.

That all changed a few years later, when, as a young teenager, I was subjected to name calling by some of my peers. This made me more self-conscious about my weight. Like an increasing number of children today,2 I experimented with dieting, using SlimFast, a fad diet featuring meal replacements that was popular at the time and consists mostly of drinking flavored canned protein shakes. I had some success, but as with all quick fixes, it didn’t last long.

As an older teen, I would go out with friends so often that I sometimes quite literally forgot to eat. I can’t say for certain, but I’m pretty sure that I was the lightest I’ve ever been in my adult life around this time. I certainly wasn’t thin, but I wasn’t overweight, either.

Three months after I started at university, living away from home for the first time in my life, a friend pointed out to me that I had gained a lot of weight, likely from eating copious amounts of fried food washed down with many pints of Guinness stout. Actually, he told me that I was “looking fat.” (A really good friend, that guy.) In addition, I started to notice a bunch of red marks on my stomach and under my arms. Not knowing what these were and fearing the worst (I’m a bit of a hypochondriac), I went to the doctor, who tested me for a couple of rare disorders. When the tests came back negative, he concluded there could be only one explanation: stretch marks. At the time, I didn’t really appreciate the lesson here; it’s quite remarkable how much weight you can gain in a short amount of time if you really go for it.

I was officially fat, but I still didn’t do anything about it until my final year of school, when, in addition to preparing for my year-end exams, I tried the SlimFast diet again. As before, it worked for a time, but I eventually regained all the weight I had lost (and then some).

After finishing school, I took a job in the financial district of London—what locals refer to as the “City” because it covers the square mile of the original Roman city of Londinium. The City is basically the Wall Street of the United Kingdom, and the lifestyle is pretty much the same.

First as an investor and later as a stockbroker, I was taken out to eat and drink a lot and did a lot of client entertaining myself. There were many enormous business lunches and regular business trips during which I would gorge on airport food only to be treated to yet another large meal upon arriving at my destination. Don’t get me wrong: the food was excellent (except for the airport stuff, of course). But as you can imagine, it wasn’t all that excellent for my waistline.

At this stage, it may be helpful to put some numbers on all of this. I am five foot ten inches tall. I am guessing that right before I started university, when I was at my lightest, I weighed around 160 to 165 pounds. Three months and many stretch marks later, I was closing in on 190 pounds. When I left university, after my second attempt at the SlimFast diet, I think I may have been back down to around 180 pounds. But then I began a steady climb back up the scale.

I should stress that it wasn’t just the entertaining that caused me to gain weight. I simply ate too much all of the time. Why? Because I was bored, frustrated, and depressed in my job. Every day, the alarm clock went off at 5:42 a.m. on the dot. I got up, showered, shaved, got dressed, and was out the door at 6:03. I took the 6:18 train and got to my desk by 6:50. The daily team meeting began at 7:00, after which I would eat a large breakfast and begin calling clients. My first call started at 8:30, and generally I was busy until 11:00 or 11:30, by which time I was tired and fed up. Selling stocks is a pretty miserable profession—at least it was for me and most, if not all, of my colleagues. Admittedly, stockbrokers are some of the best paid salesmen in the world, but making those daily calls to clients is painful.

But there was more to it than that. Picking or recommending the right investments—for example, stocks that do better than the Dow Jones or the Standard & Poor’s (S&P) 500—is almost impossible. Of course, the laws of probability mean that some investors will “beat” the market; and those that do inevitably attribute their success to their own intrinsic genius. But in all my years of experience, I never encountered anyone who convinced me that his or her investment performance was anything other than random—sometimes good, sometimes bad. And this is hardly surprising: in a world racked by uncertainty, there’s simply no way to predict what will happen next.

How did all of this contribute to my obesity? Because, even though I was no more capable than anyone else of picking the right stocks, I was different in one key way: I was honest with myself. I knew that I would never be able to beat the market and that my career was failing to give me the mental stimulation and satisfaction that I needed.

To sum it up, I was bored, and I found that the best way to comfort and distract myself was to go out for nice, large lunches with my friends. Three friends in particular—Tim, Alun, and Omar—worked near my office, so the four of us would meet regularly to complain about work and life in general. As I tucked into my meal, my bulging belly was the last thing on my mind.

One of my favorite lunches was lasagna and fries—the big, thick heavy ones, oozing grease, which we Brits call chips. It doesn’t take a nutritional genius to realize that this is a bad lunch from a health perspective, although it was quite satisfying from a drown-your-sorrows-in-carbs perspective. When I combined these lunches with a grande white chocolate mocha from Starbucks and an afternoon watching the clock, the weight soon stacked up.

Of course, my gluttony did not end when I left the office. After an unsatisfying day at work, the last thing I wanted to do was go home, exercise, and eat a sensible dinner. Many days in the City would end with me at the pub, bemoaning work yet again. Once home, I’d eat a full dinner: perhaps another round of pasta or a premade microwave meal or delivery from one of the multiple restaurants near my home. As the pounds added up, I knew I needed to do something about it, but I had no real motivation to change my ways.

Occasionally, I would discuss the problem with my brother, Richard, who has, at times, suffered from the same weight issues as me. But the discussion was always lighthearted and often conducted over yet another large lunch. Richard and I preferred to meet at McDonald’s, where my standard order was a supersized Big Mac and fries followed by a cheeseburger for dessert. You read that right: I literally ate a cheeseburger for dessert. The extra burger helped prolong the l...